z

Annual Eastbridge study finds life insurance sales had an increase for the fourth straight year in 2012.

AVON, CONNECTICUT, USA (April 30, 2013)

Total 2012 voluntary sales for all products was $6.030 billion (up 6.6 percent over 2011), according to Eastbridge’s annual U.S. Worksite/Voluntary Sales Report.

Life insurance overall showed a solid increase of slightly over 11 percent. Total life sales for 2012 were $1.546 billion. Term accounted for 72 percent of the total life NBAP (up from 68 percent in 2011). UL/WL had a decrease of three percent while term life sales were up almost 18 percent.

Total disability sales were $1.263 billion, up almost 14 percent over 2011. Disability sales accounted for 21 percent of voluntary NBAP. Short-term disability sales accounted for 66 percent of the disability totals, down from 70 percent last year. STD sales were up seven percent over 2011, but LTD sales were up by 29 percent. 

Accident sales accounted for 14 percent of total voluntary sales and, again this year, had a healthy increase. The increase was 12 percent compared to 14 percent in 2011.  Hospital indemnity/supplemental medical had a 10 percent share of the total sales, down from 13 percent in 2011. The line decreased almost 17 percent compared to 2011, largely due to significantly lower limited benefit medical plan sales.  Cancer sales were up about three percent from 2011 while critical illness sales were up 17 percent. Critical illness sales were $294 million while cancer sales were $437 million.  

Group sales exceeded individual sales again this year. The mix of sales by platform was 56 percent group and 44 percent individual.  The group line grew at a rate of about nine percent while the individual line grew at four percent.

The annual U.S. Worksite/Voluntary Sales Report estimates sales for the entire voluntary industry. The report includes detailed data on the performance of 65 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.

Parties interested in participating in next year’s study should email Eastbridge at info@eastbridge.com. All participants receive a free copy of the complete findings, including company-specific results.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.

 

 

Return to Press Releases